SMA Solar Technology AG (SMTGF.PK) on Friday said it has concluded the acquisition of a majority stake of 72.5 percent in Jiangsu Zeversolar New Energy Co., Ltd., an inverter manufacturer in China. Zeversolar's company value based on SMA's stake is 319 million Chinese Yuan or about 40 million euros, which was financed with cash on hand.
The economic start of the transaction is January 1, 2013 retrospectively. The company said it is expecting a positive contribution to earnings from the deal over the mid-term.
Zeversolar's products are specially tailored to the requirements of the Chinese photovoltaic market.
The German solar energy equipment supplier noted that the transaction, which was approved by the Chinese government authorities, secures its access to the growing Chinese market and strategically consolidates its position as a global market leader.
SMA said it plans to use the majority stake primarily to aid comprehensive operation in the Chinese market. The capacity of Zeversolar's modern production site in Yangzhong can be quickly increased, if required. Zeversolar is also in contact with the prevailing customers and decision-makers in the energy industry.
SMA CEO Pierre-Pascal Urbon said, "Just recently, the Chinese government has significantly raised its photovoltaic expansion targets again. The new target is to install a further 10 gigawatts each year over the next three years making China the largest photovoltaic market worldwide. Therefore, the majority stake in Zeversolar, which makes it possible for SMA to gain access to this growth market, is of great strategical importance."
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